Obama Wants Credit Card Relief Bill by Memorial Day

(Newser)
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Putting himself on the side of fuming consumers, President Obama is pushing for Congress to send him legislation by Memorial Day that would immediately reign in the credit card industry, he said in his radio address this morning. The House has passed a bill banning several predatory practices, but it doesn’t take effect until next year—and there's no certainty Congress will deliver relief by the end of the month.

Credit-card executives maintain that new restrictions could backfire on consumers, making it harder for banks to offer credit. They say the current House legislation goes far enough. Obama disagrees. "There is no time for delay,” he said. “We need a durable and successful flow of credit in our economy, but we can't tolerate profits that depend upon misleading working families. Those days are over."

Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees.
- Barack Obama

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